Grace & White Inc. NY Purchases 10,600 Shares of Devon Energy Co. (NYSE:DVN)

Grace & White Inc. NY lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 22.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,186 shares of the energy company’s stock after acquiring an additional 10,600 shares during the quarter. Grace & White Inc. NY’s holdings in Devon Energy were worth $2,591,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the third quarter worth $27,000. Sound Income Strategies LLC raised its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC raised its position in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC bought a new stake in Devon Energy in the fourth quarter valued at about $36,000. Finally, Naples Money Management LLC bought a new stake in Devon Energy in the fourth quarter valued at about $40,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DVN shares. Citigroup upped their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Truist Financial upped their price objective on Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Finally, Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

NYSE:DVN traded up $0.44 on Tuesday, hitting $52.57. The company’s stock had a trading volume of 4,165,537 shares, compared to its average volume of 7,934,932. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average of $48.09 and a two-hundred day moving average of $45.98. The firm has a market capitalization of $33.38 billion, a P/E ratio of 9.02 and a beta of 2.19. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 earnings per share. Research analysts predict that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.